A major bank told Coinbase its crypto custody talks were "an intentional distraction."
Coinbase Institutional’s Brett Tejpaul says the real plan was to bring the technology into payments first, to protect the bank’s franchise. I was talking to one of the CEOs. I was sitting with Brian, and Brian’s super commercially focused. So I tried to pin this guy down. I’m like, what is going on? He said, alright, Brett, I’ll tell you what the plan is. The plan is actually to disrupt their payments business. All the things I’ve been doing with you, custody over here and over there, has been a little bit of an intentional distraction. We’re one of the world’s biggest payments providers, and we’re actually going to use this technology first there, because we need to protect our corporate banking franchise. I said to him, really? Because no one’s even mentioned that in all the conversations that we’ve had. And he said, yeah, that’s because I haven’t told you about it. In the thing that they probably do the most of, which is transactions related to corporate banking payments, that’s a brave spot to try and innovate if you’re one of these big banks.
#Coinbase #Banking
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